Public Service : Q2 2022 PSEG Earnings Conference Call Presentation

Public Service Enterprise Group

Financial Results Presentation August 2, 2022

2nd QUARTER 2022 NYSE: PEG

Forward-Looking Statements

Certain of the matters discussed in this presentation about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

• any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and solar and wind generation projects;
• the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits;
• any equipment failures, accidents, critical operating technology or business system failures, severe weather events,
• acts of war, terrorism, sabotage, cyberattack or other incidents that may impact our ability to provide safe and reliable service to our customers;
• any inability to recover the carrying amount of our long-lived assets;
• disruptions or cost increases in our supply chain, including labor shortages;
• any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;
• the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems;
• the impact of the ongoing coronavirus pandemic;
• failure to attract and retain a qualified workforce;
• inflation, including increases in the costs of equipment, materials, fuel and labor;
• the impact of our covenants in our debt instruments on our business;
• adverse performance of our nuclear decommissioning and defined benefit plan trust fund investments and changes in funding requirements and pension costs;
• the failure to complete, or delays in completing, the Ocean Wind 1 offshore wind project and the failure to realize the anticipated strategic and financial benefits of this project;
• fluctuations in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units;
• our ability to obtain adequate nuclear fuel supply;
• market risks impacting the operation of our nuclear generating stations;
• changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns;
• third-partycredit risk relating to our sale of nuclear generation output and purchase of nuclear fuel;
• any inability to meet our commitments under forward sale obligations;
• reliance on transmission facilities to maintain adequate transmission capacity for our nuclear generation fleet;
• the impact of changes in state and federal legislation and regulations on our business, including PSE&G's ability to recover costs and earn returns on authorized investments;
• PSE&G's proposed investment programs may not be fully approved by regulators and its capital investment may be lower than planned;
• the absence of a long-term legislative or other solution for our New Jersey nuclear plants that sufficiently values them for their carbon-free, fuel diversity and resilience attributes, or the impact of the current or subsequent
• payments for such attributes being materially adversely modified through legal proceedings;
• adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns;
• risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as financial, environmental and health and safety risks;
• changes in federal and state environmental laws and regulations and enforcement;
• delays in receipt of, or an inability to receive, necessary licenses and permits; and
• changes in tax laws and regulations.

All of the forward-looking statements made in this presentation are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this presentation apply only as of the date of this presentation. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this presentation are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

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GAAP Disclaimer

PSEG presents Operating Earnings in addition to its Net Income/(Loss) reported in accordance with accounting principles generally accepted in the United States (GAAP). Operating Earnings is a non-GAAP financial measure that differs from Net Income/(Loss). Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items. The last two slides in this presentation (Slides A and B) include a list of items excluded from Net Income/(Loss) to reconcile to non-GAAP Operating Earnings with a reference to those slides included on each of the slides where the non-GAAP information appears.

Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. The presentation of non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to, the presentation of Net Income/(Loss), which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this release may not be comparable to similarly titled measures used by other companies.

Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.

From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.comor by navigating to the Email Alerts webpage here.

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PSEG Q2 2022

• Second Quarter Results - On track
• • Net Income of $0.26 per share in Q2 2022
  • Non-GAAPOperating Earnings* of $0.64 per share in Q2 2022
  • PSE&G Net Income per share results flat in Q2 2022 vs. Q2 2021, rate base growth offset by August 2021 FERC ROE settlement
  • CFIO non-GAAP Operating Earnings* reflect strong nuclear generation performance
  • $500 Million Share Repurchase Program completed in May
• Operational Excellence
• • PSE&G awarded EEI's 2022 Edison Award, the electric utility industry's highest honor
  • Nuclear operations achieved an average capacity factor of 95.1% for the first half of 2022
• Disciplined Investment
• • PSE&G invested ~$1.4 billion in the first half of 2022, as part of its full year $2.9 billion capital program investing in T&D infrastructure aligned with New Jersey's clean energy goals
  • BPU approved $511 million, 4-year Infrastructure Advancement Program (IAP) settlement
  • PSEG's 2021 - 2025 capital program of $15 billion - $17 billion, with 90% directed to PSE&G, expected to produce multi-year EPS growth rate of 5% - 7% from the midpoint of 2022 guidance to 2025

CFIO=Carbon-Free, Infrastructure & Other - includes the remaining business activities of our nuclear generating fleet, investments in regional offshore wind, gas operations, PSEG Long Island operating contracts

and other investments including Kalaeloa, as well as parent financing costs	4
* See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP).

PSEG - Re-affirmingFull-Year 2022 Guidance

Non-GAAP Operating Earnings*

$3.35 - $3.55E

$3.65

$3.35 - $3.55E

$3.01

Multi-year

• Includes PSEG Fossil's	$2.78
to
results excluding
$2.90
depreciation expense

which ceased when assets were moved to held for sale in August 2021

$2.85to PSE&G $3.11

CFIO

EPS

growth rate of 5% - 7% from the midpoint of 2022 guidance

$0.52 to $0.70	$0.80	$0.34 to $0.44
2021E	2021	2022E

to 2025

Note: The total of 2021E Original Guidance ranges are wider than the consolidated band to allow for variability by business, as they are often offset in consolidated results.
* See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG and CFIO.	5